Profit margins on fuels shrink at Marathon

Profit margins on refining and marketing of fuels fell by about half from the 32.7 cents a gallon netted a year earlier, Houston-based Marathon said Tuesday. Record oil prices increased the cost of refining feedstocks.

REGULATION

Pipeline partnership calls agency's allegations faulty

FERC in July said it was seeking a $167 million penalty against Dallas-based Energy Transfer for alleged manipulation of wholesale gas prices in the Houston Ship Channel following Hurricane Rita in 2005. In its response Tuesday to the allegations, the partnership said FERC made faulty assumptions.

The case is "economically incoherent, internally inconsistent, riddled with factual errors and contrary to sound public policy," Energy Transfer said.